10:58 AM EDT, 09/23/2024 (MT Newswires) -- Ivanhoe Electric ( IE ) said Monday that its VRB Energy unit entered into a binding term sheet with Shanxi Red Sun's China Energy Storage Industry unit and VRB Energy System (Beijing) to form a joint venture.

The joint venture shall result from Red Sun's purchase of shares in the venture, VRB Energy System (Beijing), from VRB Energy for $20 million and the increase in the venture's share capital through Red Sun's subscription of $35 million through 2025, according to the filing. Red Sun will own 51% of the joint venture and VRB Energy the balance after the transaction.

The term sheet shall terminate if the definitive agreements are not executed by Nov. 30, the filing said.

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